NextNav (NASDAQ: NN) shares zoomed Monday, as leader in next generation positioning, navigation, and timing (PNT) and 3D geolocation announced it has signed an agreement to acquire spectrum licenses covering an additional 4 MHz in the lower 900 MHz band (902-928) from Telesaurus Holdings GB LLC, and Skybridge Spectrum Foundation. NextNav is acquiring the additional spectrum licenses for a total purchase price of up to $50 million, paid for through a combination of cash and NextNav common stock. The acquired licenses are in the same lower 900 MHz band as NextNav’s current licensed spectrum.
“We are excited to add additional spectrum licenses to our portfolio and following the close of this significant transaction, NextNav’s combined assets will total 3.5 billion MHz-PoPs of low band spectrum,” stated NextNav CEO Mariam Sorond. “Acquiring these licenses in the same lower 900 MHz band as our current licensed spectrum will provide NextNav with broader capacity to advance and strengthen PNT services in the future.”
It was also announced that $2.5 million of the purchase price will be paid in cash due within 30 days of the court granting the receiver authority. The remainder will be paid for with NextNav common stock based on the achievement of certain milestones, final license transfer and various regulatory approvals.
NN shares jumped 29 cents, or 7.6%, to $4.18.
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